South Carolina Beneficiary's Share of South Carolina Income, Deductions, Credits, etc.

Beneficiary's Share of South Carolina Income, Deductions, Credits, etc.
SC1041K1_3516.pdf
1350

STATE OF SOUTH CAROLINA

DEPARTMENT OF REVENUE

BENEFICIARY'S SHARE OF SOUTH CAROLINA
INCOME, DEDUCTIONS, CREDITS, ETC.

dor.sc.gov
For calendar year

or tax year beginning

SC1041 K-1
(Rev. 8/2/23)
3516

and ending

Beneficiary's identifying number

Estate or trust's FEIN

Beneficiary's name, address, and ZIP

Estate or trust's name, fiduciary's name, address, and ZIP

Check if applicable:

Final K-1

Amended K-1

Nonresident

Check if the beneficiary is exempt from nonresident withholding because they filed an I-41 affidavit with the trust or estate
A
Federal
K-1
Amounts

Deductions

Income (Loss)

Beneficiary's Share of Current Year
Income, Deductions, Credits, etc.

B
Plus or
Minus
SC Adjustments

C
Amounts Not
Allocated or
Apportioned to SC

D
Amounts
Allocated or
Apportioned to SC

1 Interest income........................................

1

1

1

1

2 Dividends.................................................

2

2

2

2

3 Net short-term capital gain.......................

3

3

3

3

4 Net long-term capital gain........................

4

4

4

4

5 Other portfolio and nonbusiness income

5

5

5

5

6 Ordinary business income.......................

6

6

6

6

7 Net rental real estate income...................

7

7

7

7

8 Other rental income.................................

8

8

8

8

9 Directly apportioned deductions ..............

9

9

9

9

10 Estate Tax deduction................................ 10

10

10

10

11 Final year deductions............................... 11

11

11

11

12 Withholding Tax for nonresident beneficiary (See SC1041 K-1 Instructions)................................................. 12

Credits

List applicable South Carolina tax credits. (Attach an additional sheet if needed.)
13

13

14

14

15

15

16

16

17

Total South Carolina tax credits ..................................................................................................................... 17

35161017

INSTRUCTIONS
General purpose: The estate or trust prepares the SC1041 K-1 to show each beneficiary's share of the entity's income.
Each item of income is adjusted as required by South Carolina law and allocated or apportioned to South Carolina or to
states other than South Carolina.
Column A, line 1 through line 11: Enter amounts from the federal Schedule K-1.
Column B, line 1 through line 11: Enter the beneficiary's share of South Carolina adjustments to federal taxable income
(loss). Show additions as a positive number and subtractions in brackets as a negative number. For more information, see
the SC1041 instructions, available at dor.sc.gov/forms.
Column C, line 1 through line 11: Enter the beneficiary's share of income (loss) or deductions allocated or apportioned
to states other than South Carolina. See the SC1041 instructions, available at dor.sc.gov/forms.
Column D, line 1 through line 11: Enter the beneficiary's share of income (loss) or deductions allocated or apportioned
to South Carolina.
Line 12: Estates or trusts are required to withhold on the South Carolina taxable income of nonresident beneficiaries. The
withholding is computed at South Carolina's top marginal Individual Income Tax rate for the tax year. Prepare an SC41,
Fiduciary Report of Nonresident Beneficiary Tax Withheld, for each nonresident beneficiary with an amount withheld. The
SC41 is located in the SC1041 instructions. The SC1041 is available at dor.sc.gov/forms. Enter the Withholding Tax
amount for each nonresident beneficiary on line 12 of their SC1041 K-1. Provide a copy of the SC41 and the SC1041 K-1
to each nonresident beneficiary so they may attach them to their South Carolina Income Tax returns.
Line 13 through line 16: List the beneficiary's share of South Carolina credits.
Instructions for Estate or Trust: Include all SC1041 K-1s with your SC1041 Fiduciary Income Tax Return. Provide an
SC1041 K-1 to each beneficiary.
Instructions for Beneficiary: If filing a paper return, attach to your Income Tax Return. If filing electronically, keep with
your records.

Social Security Privacy Act Disclosure
It is mandatory that you provide your Social Security Number on this tax form if you are an individual taxpayer. 42 U.S.C. 405(c)(2)(C)(i)
permits a state to use an individual's Social Security Number as means of identification in administration of any tax. SC Regulation
117-201 mandates that any person required to make a return to the SCDOR must provide identifying numbers, as prescribed, for
securing proper identification. Your Social Security Number is used for identification purposes.
The Family Privacy Protection Act
Under the Family Privacy Protection Act, the collection of personal information from citizens by the SCDOR is limited to the information
necessary for the SCDOR to fulfill its statutory duties. In most instances, once this information is collected by the SCDOR, it is protected
by law from public disclosure. In those situations where public disclosure is not prohibited, the Family Privacy Protection Act prevents
such information from being used by third parties for commercial solicitation purposes.